A valid case for covered bond harmonisation

The benefits of covered bond harmonisation far outweigh the costs, according to an independent report undertaken on behalf of the European Commission and published on Friday.

  • By Bill Thornhill
  • 19 May 2017

The independent report says “there is a valid case for a harmonised European Union legal regime for covered bonds”. A 1bp cost saving from harmonisation would roughly equate to €1.5bn for the €2.5tr market.

“This alone is I think sufficient justification for legislation,” said independent covered ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,393.91 58 6.03%
2 UniCredit 9,509.62 74 5.03%
3 BNP Paribas 8,680.07 42 4.59%
4 Commerzbank Group 8,135.97 52 4.30%
5 LBBW 7,972.24 47 4.22%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 101,389.81 410 7.01%
2 Citi 93,952.06 535 6.50%
3 Goldman Sachs 93,147.66 487 6.44%
4 Bank of America Merrill Lynch 88,833.54 368 6.14%
5 JPMorgan 84,004.53 398 5.81%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,366.11 413 11.01%
2 Bank of America Merrill Lynch 71,835.56 312 9.72%
3 Goldman Sachs 71,716.12 409 9.71%
4 Morgan Stanley 70,783.10 301 9.58%
5 JPMorgan 70,263.64 307 9.51%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,605.63 20 6.35%
2 SG Corporate & Investment Banking 5,543.24 22 6.28%
3 BNP Paribas 5,467.55 18 6.20%
4 Credit Agricole CIB 5,313.69 20 6.02%
5 Commerzbank Group 4,949.16 20 5.61%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 9,461.63 27 12.90%
2 HSBC 8,882.01 36 12.11%
3 BNP Paribas 5,534.13 27 7.55%
4 Citi 4,542.03 36 6.19%
5 Credit Suisse 4,325.15 22 5.90%